The price of bitcoin recovered after hitting 12-month lows, going down to $3,858 on Coinbase.
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What just happened?
The price of bitcoin recovered after hitting 12-month lows, going down to $3,858 on Coinbase. It's the first time since March 2019 bitcoin price has been at that level but didn't last long as traders quickly started buying.
Things have calmed down. Prices are in the $4,600 to $5,900 range, in a market condition traders often refer to as "sideways."
Globally, equities fared better Friday after extreme selling Thursday. Coronavirus dominated the news cycle, but the S&P 500 index was up 9 percent on the day, a welcome reprieve.
Cryptocurrency traders are looking to the traditional markets for guidance in uncertain times.
"Equities and bitcoin have moved in lockstep recently, there is a relationship," said Max Boonen, CEO of B2C2, a London-based cryptocurrency market maker.
Price of Bitcoin Briefly Dips to 12-Month Low in Overnight Trading
Bitcoin made a quick bounce from a dip below $4,000 early Friday. Asian markets had gapped lower at the open, tracking the overnight losses on Wall Street, but recovered.
Bitcoin Ekes Gains, Remains in Red Amid Broader Market Rebound
Traders are keeping a close eye on bitcoin volatility while trying to time their buyback into the cryptocurrency market after equities bounced back from Thursday's selloff.
Exchange Data Contained Early Warning of Thursday’s Bitcoin Dump
Whales – individuals, or entities, that hold large amounts of digital currencies – started moving coins from wallets to exchanges at least four days in advance of the dump.
Coinbase to Cut Blockchain Load With Bitcoin Batching
The adoption of batching means less strain is put on the Bitcoin blockchain from large numbers of transactions on the popular exchange. The move will reduce transaction fees for customers.
Investors Can Hedge Risk With New 2-Year Bitcoin Derivatives
The new BTCUSD contract from Quedex, which expires in December 2021 and only became tradable last Friday, has experienced a surge in investor interest.
LISTEN: Slight Recovery
Host Adam B. Levine talks about the recovery for bitcoin, the change in global markets from Thursday and what price drops for ether could mean for decentralized finance.
Tweet of the Day
The bitcoin halvening - when the reward for miners is cut in half - is expected to happen in the middle of May. The bitcoin market price halvening, however, clearly occurred over the last month. |
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BTC: Price: $5,483 (Coinbase) | Market cap: $156 billion (CoinGecko)| 24-Hr Volume: $136 billion (CoinGecko)
Trend: Increased inflow of bitcoin into exchanges was a sign holders were getting ready to sell, which then translated into a price slide. It's something to keep an eye on as traders use the equities markets for guidance.
As for other top crypto assets, ether is one to watch. Ether's price is tied directly to decentralized finance (DeFi) applications. A spike in collateral liquidations for ether can lead to increased sell pressure.
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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